Spectrum Brands Secures $242M Exit Financing

Law360, New York (June 16, 2009, 12:00 AM EDT) -- Consumer products maker Spectrum Brands Inc. announced Tuesday that it had secured $242 million in exit financing from General Electric Capital Corp., bringing the company one step closer to emerging from Chapter 11 bankruptcy protection.

The exit financing was approved by Judge Ronald B. King at a hearing Monday in the U.S. Bankruptcy Court for the Western District of Texas.

According to a statement from Spectrum on its Web site, the new GE Capital exit financing would replace the $235 million debtor-in-possession financing package the maker...